Common use of Initiating Payments Clause in Contracts

Initiating Payments. To initiate a payment, you must specify the person or business you are paying, the payment date (up to 365 days in the future), the amount to be paid, and (if you have one) your account number with the payee. The first time you request a payment to be made to a payee, you must also specify the payee’s address and the number of the account from which the payment is to be made. We may modify the payee address to accommodate special processing requirements. Note: Payees must be set up through our Online Banking Service before you can initiate payments to them using our Mobile Banking Service. For security reasons, we may limit the amount of bill payments permitted. We may change the limit from time totime without advance notice to you. If you need to make a payment exceeding the amount permitted, please contact your account officer for assistance. We will make a payment on the business day you instruct us to make the payment (the “Payment Date”) either by initiating an electronic payment or by mailing a check to the payee. We may require that you schedule your payment up to five business days before the Payment Date. If, however, you use our same day service, overnight service, or our system determines that a payment can be made electronically that period may be shorter. You will see the earliest available Payment Date when you schedule your payment. Once you schedule a payment, we may deduct the payment amount from your account or place a hold on that amount, even if a payment check has yet to be presented to us for payment. We may deduct the amount of any payment from your account or place a hold on the amount on or after the Payment Date, even if a payment check has yet to be presented to us for payment. We may refuse a payment request if there are not sufficient collected and available funds in your account on the date we initiate the transaction or on the payment date. We may reject any payment request with or without cause or prior notice. If we do, we will notify you promptly of the rejection orally, electronically or in writing.